Pet Valu (TSE:PET) Reaches New 12-Month High - Here's What Happened

Key Points

• Pet Valu Holdings Ltd. reached a new 52-week high with its stock trading at C$38.04, reflecting a significant increase from its previous close of C$37.14.
• Several brokerages have upgraded their target prices for Pet Valu, with Barclays and Desjardins both increasing their targets to C$41.00 and providing "overweight" and "buy" ratings, respectively.
• Pet Valu recently announced a quarterly dividend increase from $0.11 to $0.12 per share, translating to an annual yield of 1.3%.

Pet Valu Holdings Ltd. (TSE:PET - Get Free Report)'s stock price hit a new 52-week high on Friday . The stock traded as high as C$38.04 and last traded at C$38.02, with a volume of 86747 shares. The stock had previously closed at C$37.14.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PET. Barclays boosted their target price on shares of Pet Valu from C$32.00 to C$41.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Desjardins boosted their price objective on shares of Pet Valu from C$38.00 to C$41.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Raymond James Financial upped their price objective on Pet Valu from C$36.00 to C$40.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Cormark upgraded Pet Valu from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, May 7th. Finally, Royal Bank Of Canada boosted their price target on Pet Valu from C$35.00 to C$41.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of C$40.22.

Pet Valu Stock Up 2.4%

The stock has a market capitalization of C$2.70 billion, a PE ratio of 31.34 and a beta of 0.81. The stock's 50 day moving average price is C$34.23 and its 200-day moving average price is C$29.43.

Pet Valu Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 16th were issued a dividend of $0.12 per share. This is a boost from Pet Valu's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Friday, May 30th. Pet Valu's payout ratio is 36.27%.

Pet Valu Company Profile

Pet Valu Holdings Ltd is engaged in providing pet-related products through its stores. Its products include Dry Food, Wet Food, Frozen raw food, Jerky Treats, and Training treats among others. The services offered by the company include Dog Wash, Adoption, Grooming, and Frozen Raw.

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